The State of Real Estate in South Orange County, CA
How about some bookmark love? ::
While I was at an open house last weekend, I spoke with the listing agent of an REO, bank owned property. According to the Agent in Mission Viejo, Low end price home spectrum has already bottomed. This is indicated by multiple offers on properties under the $400k price range.
Orange County Register has been running a series on market opinions Top 5 housing market hopes for 2009. Market Predictions:
Herd Mentality Moving Markets
Foreclosures:
Home Foreclosures
continue, and I am keeping my eyes on the foreclosure search sites to monitor homes that have been foreclosed. As a homebuyer am not spending much time with short sales, rather I am looking at those properties that have already been foreclosed, the REOs. One can find a great short sale deal, but as a buyer, you must be able to stomach the unknowns of a 60 day offer acceptance. This may be ideal for people with cash looking to buy multiple properties.
Lending:
4.5 Mortgage interest rates have yet to arrive, but we are getting closer. This week, conforming loans up to $417k were at %4.625, and confirming loans up to $625k were at %4.750 for today's latest loan rates, contact your lender. If you need a lender recommendation, I will gladly put you in touch with one.
High End Property:
Laguna Beach Ocean Front Home listings provide an opportunity for the high end market to continue moving. Though buyers in that market are also watching for more stabilization on Wall Street before making moves for beach homes or trophy properties.
Missed market calls include the WSJ Calling the Housing Crisis Over Last May. It is those kinds of missed calls about the market, the bailout, and the recession that makes me think that there are more foreclosures in the pipline. To me, this signals continued improvement in the current buyers market.
The big broker shake up:
The Prudential California Realty CEO Replaced was Steve Rodgers. He was replaced last month by Jon Cook, who previously handled operations at California Title, and was Vice President for Prudential in Orange County for about a year.
What would I do in your shoes?
If you can buy, (i.e. you have 20% down, or can qualify for an FHA loan) then I would buy a home in 2009 or 2010. There are no leading indicators that the market is improving yet, which means that downward pressure on prices will continue in Orange County. As always, do what you can to ensure that your FICO scores are top notch. Theoretically, you could improve your FICO score every six months or so. Try not to carry credit card debt if at all possible. When you get into home buying territory again, you're credit will be ready.
While I was at an open house last weekend, I spoke with the listing agent of an REO, bank owned property. According to the Agent in Mission Viejo, Low end price home spectrum has already bottomed. This is indicated by multiple offers on properties under the $400k price range.
Orange County Register has been running a series on market opinions Top 5 housing market hopes for 2009. Market Predictions:
Herd Mentality Moving Markets
Foreclosures:
Home Foreclosures
Lending:
4.5 Mortgage interest rates have yet to arrive, but we are getting closer. This week, conforming loans up to $417k were at %4.625, and confirming loans up to $625k were at %4.750 for today's latest loan rates, contact your lender. If you need a lender recommendation, I will gladly put you in touch with one.
High End Property:
Laguna Beach Ocean Front Home listings provide an opportunity for the high end market to continue moving. Though buyers in that market are also watching for more stabilization on Wall Street before making moves for beach homes or trophy properties.
Missed market calls include the WSJ Calling the Housing Crisis Over Last May. It is those kinds of missed calls about the market, the bailout, and the recession that makes me think that there are more foreclosures in the pipline. To me, this signals continued improvement in the current buyers market.
The big broker shake up:
The Prudential California Realty CEO Replaced was Steve Rodgers. He was replaced last month by Jon Cook, who previously handled operations at California Title, and was Vice President for Prudential in Orange County for about a year.
What would I do in your shoes?
If you can buy, (i.e. you have 20% down, or can qualify for an FHA loan) then I would buy a home in 2009 or 2010. There are no leading indicators that the market is improving yet, which means that downward pressure on prices will continue in Orange County. As always, do what you can to ensure that your FICO scores are top notch. Theoretically, you could improve your FICO score every six months or so. Try not to carry credit card debt if at all possible. When you get into home buying territory again, you're credit will be ready.
